Leasing and Underwriter wants Bank Statments

Room237 · 6 July 2018 at 11:28AM

Hi All,

Would really appreciate some advice on this.

Recently started out as a freelance graphic designer and in the process of applying to lease a new computer.

I have had a request for 2 months bank statements from the leasing company's underwriter and am concerned that on paper my finances don't look good! As I am jut starting out I have had to borrow cash from friends and family to tide me over until invoices from clients have been paid.

As I am already in this process would it affect my credit score if I refused to supply statements until a time when my finances are more consistent?

Thanks in advance,

Martin.

[Deleted User] · 6 July 2018 at 11:29AM

You don't have a credit score.

It will just show as a search on your credit files. On its own, that won't concern most lenders.

Room237 · 6 July 2018 at 11:33AM

Thanks so much for the super speedy response!

Might I ask, do you think from the description of my statements that I'd be successful in the application?

[Deleted User] · 6 July 2018 at 11:35AM

If your statements are showing you have affordability issues, then possibly not.

I assume they have concerns re your income/debt ratio to have asked for them.

Room237 · 6 July 2018 at 11:41AM

Last question (I promise)... You're saying this still won't affect my credit rating? Thanks so much for your time!

[Deleted User] · 6 July 2018 at 11:45AM

You still don't have a credit rating. That's a made up, fake, pretend, not real number that the CRA gives you.

It can go up, down, or fly out to Russia in a desperate attempt to get last minute match tickets for all it matters. It is not, as the millennials say, a 'thing'.

What you have is credit history - with three CRAs.

SeanG79 · 6 July 2018 at 3:17PM

For all "new start" businesses (trading under 2 years), underwriters will almost always request business bank statements to show affordability

Room237 · 6 July 2018 at 4:50PM

Thanks both. I got the lease, so panic over! Thanks for your help and have a great weekend!

Leasing and Underwriter wants Bank Statments

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